RICS: CML repossession figures

Commenting on CML repossession figures, Simon Rubinsohn RICS chief economist said: "The more challenging climate for the housing market will lead to a rise in repossessions over the course of 2008.

However, timely action by the Bank of England should help offset some of the pain being felt by homeowners resulting from the credit crunch and the reset of fixed rate mortgages that are now due for renewal. Significantly, more relief is likely over the coming months as interest rates continue to be lowered."